(TheNewswire)
Vancouver, B.C., Canada – TheNewswire - January 21, 2021 –Deep-South Resources Inc. (" Deep-South " or the “ Company ")(TSXV:DSM) announces that it has closed the non-brokered privateplacement (“the Offering”) for an amount of $4,601,211.
Pierre Leveille, President & CEOof Deep-South stated that: "We are extremely delighted by the strongdemand leading to this financing. We have recently completed a robustupdated PEA, we are preparing our upcoming drilling program and withthe strong copper price, we are highly optimistic for the comingmonths. We are well funded to carry on our development of the HaibCopper project.”
The Offering comprises 30,674,739 units (the“Units”) of Deep-South, at a subscription price of $0.15 per Unit.Each Unit consist of one (1) common share and one half (1/2) of onecommon share purchase warrant (“Warrant”). Each full Warrantwill entitle the holder thereof to purchase one (1) common share at anexercise price of $0.22 for twenty-four (24) months from the date ofclosing of the placement. Each security issued has a mandatory four(4) month hold period from the date of closing of the placement.
The Company has paid finders fees totalling $266,899.50and 1,830,501 broker warrants that have the same terms than thewarrants comprised in the Offering.
The funds will be used to further exploration anddevelopment of the Haib Copper project in Namibia and for generalworking capital.
About Deep-South ResourcesInc.
Deep-South Resources Inc. is a mineral explorationcompany largely held by Namibian shareholders and Management with 14%and Teck Resources Ltd with 16% of Deep-South share capital.Deep-South currently holds 100% of the Haib Copper project in Namibia,one of the largest copper porphyry deposits in Africa. Deep-South’sgrowth strategy is to focus on the exploration and development ofquality assets, in significant mineralized zones, close toinfrastructure, in stable countries.
This press release contains certain"forward-looking statements," as identified in Deep-South’s periodic filings with Canadian Securities Regulators thatinvolve a number of risks and uncertainties. There can be no assurancethat such statements will prove to be accurate and actual results andfuture events could differ materially from those anticipated in suchstatements. Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
More information is available by contacting PierreLéveillé, President & CEO at
+1-819-340-0140 or at: info@deepsouthresources.com or Paradox Public Relations at +1-514-341-0408
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